The Council adopted a directive amending the financial conglomerate directive (FICOD) in order to close loopholes and ensure appropriate supplementary supervision of financial entities in a financial conglomerate. In addition, at the Council meeting, Ministers also adopted a regulation approving the revised text of the OECD arrangement on officially supported export credits in order to ensure its application in EU law.

The Council announced the adoption of the directive to strengthen supervision of financial conglomerates. The directive amends the financial conglomerate directive in order to close loopholes and ensure appropriate supplementary supervision of financial entities in a financial conglomerate. The new directive also adapts the supervision of financial conglomerates to the EU's new supervisory structure.

The objective of supplementary supervision was to control group risks and the risk arising from double gearing (i.e. multiple use of capital within a conglomerate), whereby a number of companies pool their overall risk by placing capital with each other. The revision of FICOD also amends the relevant legislation on banking and insurance supervision, namely the capital requirements directive (2006/48/EC and 2006/49/EC) and the directive on supplementary supervision of insurance undertakings in insurance groups (98/78/EC).

On the other hand, the Council also adopted regulation on exports credits. Export credit constitutes an important element in the promotion of international trade. The new regulation therefore provides for the Commission to adopt delegated acts to incorporate future changes to the OECD guidelines into EU law. OECD intends to ensure a level playing-field at international level by regulating the financial terms and conditions that export credit agencies may offer.